President Barack Obama has praised the US Senate after it passed a bill to avert the 'fiscal cliff', by delaying spending cuts for two months.
He also called on the House of Representatives to pass the deal without delay.
America's financial crisis has been averted, not solved. We've had the fiscal cliff. Now get ready for the debt abyss.
Democrats and Republicans have so far failed to agree on an alternative plan to the tax increases and spending cuts scheduled for January 1.